Asia Pacific, Latin America, and the Middle East and Africa (MEA) have been demonstrating lucrative opportunities for manufacturers of in-car entertainment and information systems. Besides having robust automotive industries, the purchasing power of consumers in these regions is also rising. This has resulted in a paradigm shift in their demand from basic driving experience to advanced infotainment solutions, subsequently creating sales opportunities for the in-car entertainment and information system market.
As per Transparency Market Research, the global in-car entertainment and information system market stood at US$11.42 bn in 2014. Exhibiting a CAGR of 14.2%, the market is likely to reach US$28.64 bn by the end of 2024.
Entertainment Segment Reports Significant Demand
Navigation, entertainment, and telematics constitute the key application segments of the in-car entertainment and information system market. Of these, the entertainment segment led the market in 2014 with a share of 39.3%. The rising demand for in-car entertainment solutions is creating lucrative prospects for the sales of various hardware and software devices and accessories such as freeview/TV, audio-video devices, DSP systems, USB, and WiFi devices. Recently, these devices have emerged as popular entertainment components to be installed in the latest automotive models.
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Europe to Remain Leading Regional Market for In-car Entertainment and Information Systems
Regionally, Europe led the global in-car entertainment and information system market in 2014 with a share of 30.3%, followed by North America. Significant economic growth across several countries in Europe, coupled with increasing vehicle production, has been considerably fuelling the demand for in-car entertainment and information systems in the region. Germany and the U.K. are the leading markets for in-car entertainment and information systems in Europe. The rising demand for high-performing cars in these countries provides lucrative opportunities for the manufacturers of in-car entertainment and information systems in Europe. Spurred by these factors, the in-car entertainment and information system market in Europe is expected to reach US$8.5 bn by the end of 2024, retaining its lead through the forecast period.
Over the course of the forecast period, the navigation and telematics segments are expected to report considerable growth, thus aiding the market’s expansion.
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Some of the key players operating in the global in-car entertainment and information system market are Denso Corporation, Harman International, Delphi Automotive PLC, JVC Kenwood Corporation, TomTom International B.V., Pioneer Corporation, Alpine Electronics Inc., and Blaupunkt GmbH.
